April 13 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it has approved a long-term senior unsecured loan of up to 2 million euro ($2.2 million) to North Macedonia’s Procredit Bank to back local small and medium-sized enterprises (SMEs).
The funding would be used for investments in high performance technologies and services in order to introduce and implement EU and other international quality standards, the EBRD said in a project summary document.
At least 70% of the use of the proceeds is expected to be related to Green Economy Transition (GET) investments.
The loan will be provided under the EBRD's Sustainable Reboot SME Programme.
($ = 0.9234 euro)